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Affordable Housing Analysis in Zip Code 72120: LIHTC Impact in Sherwood, Arkansas
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 72120 in Sherwood, Arkansas, exhibits a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area contains 642 total affordable units, all designated as low-income units. Based on the 2022 population of 32,303 and an estimated 12,377 housing units, LIHTC-funded affordable housing comprises approximately 5.19% of the zip code's housing inventory.
The LIHTC projects in zip code 72120 have received $1,977,310 in project tax credits, averaging about $3,080 in federal funding per unit. This represents 1.24% of the total LIHTC funding allocated to Arkansas, indicating a substantial investment in affordable housing for this area.
Affordable housing has been present in this zip code since at least 1998, with the most recent project completed in 2005. The period from the late 1990s to early 2000s saw the highest number of affordable housing project completions, including Park Crest Apartments (1998), Park Crest Apts - Sherwood (1999), Senior Residences of Sherwood (2000), and Chapel Ridge of Sherwood (2005).
The LIHTC-funded housing in zip code 72120 includes a variety of unit types, with 128 one-bedroom units, 99 two-bedroom units, and 176 three-bedroom units, accommodating various household sizes and needs.
Over the past decade, the population in zip code 72120 has maintained relative stability, with minor fluctuations. The median income has also remained fairly consistent, ranging from approximately $65,714 to $70,958.
A gradual shift in racial demographics has been observed. The percentage of White residents decreased from 76% in 2013 to 69% in 2022, while the Black population increased from 15% to 24% during the same period. The Asian and Hispanic populations have remained relatively small but stable.
Despite these demographic changes, no new LIHTC projects have been constructed in the last decade. This may indicate that the existing affordable housing stock has been sufficient to meet the area's needs, or that other housing programs are addressing any additional demand for affordable housing.
Zip code 72120 in Sherwood, Arkansas, has a significant LIHTC-funded affordable housing presence, with 642 units representing about 5.19% of the estimated housing inventory. The area experienced substantial investment in affordable housing between 1998 and 2005, receiving nearly $2 million in tax credits. While demographic shifts have occurred over the past decade, particularly in racial composition, the affordable housing stock has remained stable. This analysis provides insight into the LIHTC program's impact on this zip code's housing landscape and its relationship to changing demographics.
